Once you retire and roll over your 401(k), you are more likely than ever to be the target of sales pitches touting financial products or services. Some of these products don’t make sense for most people. While elderly folks have more at stake than ever, research continues to show that the aging process sometimes introduces problems sorting through complex financial issues. This leaves some older people vulnerable to paying higher fees on credit, getting sucked in by that free lunch investment seminar, or allowing into their home a salesman pushing high-cost financial products they may not need.
Adult children can help prevent their parents from being taking advantage of, but it's not easy, especially if they live far away.
For an upcoming story, Money magazine is looking to talk to families in which elderly parents have been taken advantage of, or who have put measures into place to prevent it. What works and what doesn't? We want to develop good advice for other elder retirees and their adult children.
If you're interested in sharing your advice, email Lisa Gibbs at firstname.lastname@example.org with your name, location and contact information, including best times to get in touch.